August 8, 2007 - 6:30 AM EST
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Universal Express to Submit Appellate Papers in Its Naked Short Selling Case
Universal Express, Inc. (OTCBB: USXP) has, as expected, been required to submit its appeal arguments to the United States Court of Appeals in its ongoing SEC case, including Universal Express' justifiable request for a jury trial.
"Recent rulings simply decided to allow our appeal to go forward as expected. The lower court determined that our request for a jury trial was 'moot' pending our appeal papers going before the Court of Appeals. We respectfully disagree with the lower court's interpretation of our bankruptcy code immunity, the ignoring of naked short selling and disregard for the SEC's abuse of power to silence us on the naked shorting scandal," said Richard A. Altomare, Chairman and CEO of Universal Express, Inc.
"Our initial request for a jury trial will be presented to the appellate court.
"Nothing has changed our position on naked short selling and recent rulings ignored our constitutionally sound defense and our existing $700,000,000 naked short selling judgments.
"It is important to note that upon the granting of a jury trial all decisions also become 'moot'. That's why a jury trial is so important in this case.
"It is unfortunate that landmark cases are not decided at lower levels, but we remain confident of our position on naked short selling and a reversal on this matter of national importance," continued Mr. Altomare.
"It continues to astound me that the original defendant (SEC) has attempted to shift their role in naked short selling to their violation of our corporate rights. Their customary tactics are ones of demonizing the victims while the SEC permits the daily issuances of billions of counterfeit shares as they disregard their responsibilities to the general public.
"There is only one pertinent question that responsible citizens and sophisticated business people should examine. Should the defendant be permitted to disregard their role in our $700,000,000 existing judgments while they attempt to silence or damage the plaintiff whistleblower?
"Men of integrity may differ on matters of law and fact. Such is this case, which will take many twists and turn before our American trading system and the rightful role of the Security and Exchange Commission are redefined and corrected with the help of the spark of resistance by this resilient and righteous Company. Americans should never fear their governmental agencies, and all Americans deserve jury trials," concluded Mr. Altomare.
About Universal Express
Universal Express, Inc. is a 23-year-old logistics and transportation conglomerate with multiple developing subsidiaries and services. For additional information please visit
www.usxp.com
Safe Harbor Statement under the Private securities Litigation Reform Act of 1995: The statements contained herein, which are not historical, are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements including, but not limited to, certain delays beyond the Company's control with respect to market acceptance of new technologies, products and services, delays in testing and evaluation of products and services, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
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Contact:
Mark Falk
Universal Express, Inc.
561-367-6177
Email Contact
Source: Marketwire (August 8, 2007 - 6:30 AM EST)
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